NEW YORK, Feb 4, 2026, 10:50 (EST) — Regular session
- TeraWulf shares plunged roughly 14% as Bitcoin and crypto miners fell sharply in early trading
- Century Aluminum’s filing values the Kentucky land sale at $200 million in cash, along with a 6.8% equity stake
- TeraWulf’s Maryland power-plant deal awaits key third-party approvals, including the green light from FERC
TeraWulf Inc shares dropped 13.6% to $12.79 by 10:50 a.m. EST, after fluctuating between $14.69 and $12.79. Bitcoin slid roughly 4.9%, pulling down crypto miners like Marathon Digital, Riot Platforms, and CleanSpark.
The pullback follows TeraWulf’s announcement two days ago that it will expand its operations with two brownfield sites—former industrial properties—in Kentucky and Maryland. These sites add roughly 1.5 gigawatts of load capacity, indicating the power they can draw. “These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth,” said Chairman and CEO Paul Prager. (TeraWulf Inc.)
Timing is crucial since power is turning into the main constraint for data centers, particularly high-performance computing—servers handling AI and other intensive tasks—as well as bitcoin mining. In this scramble, securing land, transmission lines, and permits often outpaces the ability to build new power capacity.
Century Aluminum’s SEC filing revealed the cost of its Kentucky deal: the company’s local unit sold about 750 acres in Hawesville for $200 million in cash, plus a 6.8% non-dilutive minority equity stake in Raylan Data Holdings, tied to the buyer. Century can force Raylan Data to buy back that minority interest starting one year after the data center goes live on the site. (SEC)
Century’s CEO Jesse Gary described the sale as a win for the region. “We are very pleased to see the Hawesville site transition to productive use that will benefit Hawesville and the entire Commonwealth of Kentucky,” he said. (Centuryaluminum)
TeraWulf’s latest 8-K reveals the Hawesville seller secured a 6.8% minority stake in the company’s development arm and can request redemption starting one year after the data center goes live. The filing confirmed the Hawesville deal closed on Feb. 2. Meanwhile, the planned Morgantown generating station purchase in Charles County, Maryland remains pending, awaiting consents and standard regulatory green lights, including approval from the Federal Energy Regulatory Commission (FERC). (TeraWulf Inc.)
The stock fell harder than Bitcoin, raising fresh concerns about execution and funding for a build-out covering both power infrastructure and data-center capacity. While crypto-linked shares often magnify moves in the coin, big cash commitments tied to deals can swing sentiment sharply in either direction.
Timing remains a major risk: if Maryland’s approvals slip, the expansion schedule could stretch out. On top of that, a sharper Bitcoin downturn would swiftly squeeze miner cash flows. This is significant even though TeraWulf markets itself as a data-center operator handling both AI-type tasks and bitcoin mining.
Traders are zeroing in on the U.S. employment report for January due Friday (Feb. 6) and the CPI figures for January set for release next week (Feb. 11). These data could sway interest-rate forecasts and, in turn, influence risk appetite for Bitcoin-related stocks. (Bureau of Labor Statistics)
